Silicon Valley

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If you’ve ruled out winning the lottery as your chance to become a millionaire, you must have considered real estate investing a viable opportunity.

And if you haven’t, this article will plant the seed.

Real estate data firm PropertyShark took a closer look at how many property owners have made a good profit off of selling their homes since the turn of the century. More specifically, they looked at homes bought before 2001 for less than $1 million, later to be sold by their owner for $1+ million.

They then grouped the data by city, to give us a clear picture of the thriving real estate markets where investing in property can take us one step closer to becoming a millionaire. Here’s how they map out:

real-estate-millionaires-by-city
Image credit: PropertyShark.com

The city to land first place is — unsurprisingly — San Francisco, which minted 381 million real estate millionaires as the market skyrocketed in the past two decades. That puts it ahead of Manhattan, which, despite being double the size of San Francisco, only saw 335 people become millionaires off of selling their properties.

A more unexpected finding was that the Los Angeles market lost the third spot in favor of Brooklyn; the New York borough came in on #3, with 281 people making a good profit off of selling their homes for over $1 million.

Trailing closely behind, “the city of Los Angeles, with a population of more than 3.9 million, made 280 people millionaires since the turn of the century,” Robert Demeter reports for PropertyShark, adding that “L.A. isn’t as expensive as some of the neighboring cities in the county, but being spread out with a large number of residents, it’s no surprise it made it so high on our list. Affluent neighborhoods such as Bel-Air, Venice Beach and Brentwood most certainly paved the way for homeowners to become millionaires after selling their properties.”

Other notable markets where people achieved millionaire status by selling their homes are Potomac, MD (182 millionaires), Bethesda, MD (175 millionaires), San Jose, CA (119 millionaires), Queens, NY (93 millionaires), Scottsdale, AZ (86 millionaires), and Plainfield, IL (78 millionaires).

Out of the top 25 “millionaire cities”, 7 are located in the Silicon Valley area, where the median home price regularly goes over the $1 million mark.

It’s worth noting that the study only looked at the profits made off of selling homes in these markets with a sale price over $1 million.

It doesn’t take into account other financial holdings, investments or net worth of these individuals, who may have already been millionaires before selling their homes.

However, it’s a great indicator of markets that are most likely to mint out millionaires after buying local real estate.

Source: fancypantshomes.com

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Representative Maxine Waters, a Democrat from California and ranking member of the House Financial Services Committee.

Rep. Maxine Waters, D-Calif., who serves as ranking member on the House Financial Services Committee, said Republican-drafted legislation marked up by the committee Wednesday would “hamstring” regulators and expressed a desire to draft effective bills that would hold regulators accountable.

Bloomberg News

WASHINGTON — House Financial Services Committee lawmakers debated a number of bills in a Wednesday markup, as Republicans looked to limit some of the power of the Federal Reserve, and Democrats tempted their GOP counterparts with would-be bipartisan legislation. 

Republicans put forward a number of measures that would curb the federal banking regulators powers, after what the GOP sees as a failure on the part of the Fed to supervise Silicon Valley Bank. The panel will not vote on the bills or their amendments until the debate is finished, which is likely to continue late into the evening. 

Rep. Andy Barr, R-Ky., chairman of the Subcommittee on Financial Institutions and Monetary Policy,  introduced a large package made up of five separate bills. The package would require documentation and implementation “guardrails” when the Fed invokes its emergency lending facilities, increase reporting requirements for the Federal Deposit Insurance Corp. in its receivership and resolution activities for Congress, as well as require the Financial Stability Oversight Council to disclose its analysis used to determine the cost of any proposal related to systemic financial risk. 

“The recent bank runs and systemic instability reveal that the federal financial regulators are opaque and non-transparent to Congress and the American people, especially in emergencies, when the stability of the U.S. financial system is under threat,” Barr said. “There is a clear need for sunshine on those regulators, and enhanced accountability and transparency when their failures are really responsible.” 

One of the bills would also codify that the heads of banking agencies testify semi-annually in the House and Senate. Currently, only the chairman of the Fed is required to do so, and that the Treasury Secretary is required to testify annually. 

Yet another of the bills would also mandate that the vice chairman for supervision, a position currently held by Michael Barr, have experience working in or supervising banking organizations. Barr does not have that experience. 

Democrats opposed the package. Rep. Maxine Waters, D-Calif., the ranking member of the committee, said that the package would “hamstring regulators’ efforts to respond to and resolve due to bank failures.” 

“Specifically, this bill would make it harder to properly invoke a systemic risk exception, limit the effectiveness of the Feds emergency lending authorities and to top it all off, the bill includes an unscrupulous political attack on the current vice chair of supervision that makes him ineligible to serve in his current role,” she said. 

Waters said that the bill would slash the funding of the Financial Stability Oversight Council and the Office of Financial Research, and gut the ability of FSOC to receive advice from a panel of experts on climate change “in response to extreme MAGA Republicans’ ridiculous claim that climate change and diversity is what cause the banks to collapse.” 

“Nothing in this bill would address the root causes of the recent bank failures,” she said. “Instead this bill meddles unnecessarily with regulators’ tools and flexibility to respond in an emergency despite the fact that regulators have gone out of their way to make confidential supervisory information available.” 

Democrats offered a number of amendments to Barr’s bill and others debated at the markup that Democrats hoped could garner bipartisan support. Some of those included pausing bonuses or other discretionary income should a bank leave open the position of chief risk officer, along with requiring that the vacancy of chief risk officer be made public, and closing what Waters said was a loophole in Dodd-Frank that allows some banks to evade the law’s enhanced prudential standards depending on whether it has a holding company.

“Let me just say that not only have I found a loophole, this is an opportunity for you to get at those regulators you’ve been complaining about all day,” she said. “Make them do their job. I would not only like to talk with you, but you indicated you’re going to be talking to a lot of people about a lot of things. I just want to legislate and I want to legislate with you.” 

Lawmakers came closest to agreeing on an amendment offered by Rep. Al Green, D-Tx., that he said would “clarify that it is the sense of Congress that our community banks, including rural banks, community development financial institutions and minority depository financial institutions did not cause the crisis, yet may have been harmed by the crisis and certainly shouldn’t have to pay for the crisis.” 

Barr eventually said he would agree to work with Green on the measure after committee Republicans couldn’t figure out whether the amendment would apply to banks with more than $5 billion in total consolidated assets, or simply more than $5 billion in uninsured deposits — the threshold outlined in a recent FDIC proposal — or if would only apply to the current special assessment or future ones as well. 

“Mr Barr, I make an appeal to you to take advantage of this unique moment in time to bring the committee together so we can have unanimous consent to move forward with this piece of legislation,” Green said. 

Source: nationalmortgagenews.com

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Federal Reserve Board Governor Christopher Waller

Federal Reserve Gov. Christopher Waller said Wednesday that the central bank’s balance sheet will continue to draw down but currency demand means that it will almost certainly not return to pre-COVID levels.

Bloomberg News

Federal Reserve Governor Christopher Waller said changes are coming to the central bank’s balance sheet, but don’t expect the expanded holdings to return to pre-pandemic levels.

During a question and answer session on Wednesday at an event hosted by the University of California, Santa Barbara, Waller said the Fed wants to reduce its holdings, but noted that the annual growth of the money supply limits how much reduction can take place.

“Our balance sheet grows about 7% a year from printing currency, issuing it off and … most of it goes outside the U.S.,” Waller said. “So, as our liabilities grow by 7%, our assets have to grow by 7%. So, we can’t even go back to where we were pre-pandemic because there’s been growth of roughly 7% for the last so many years.”

The Fed’s balance sheet totals more than $8.4 trillion, down more than $500 billion from its spring 2022 peak but more than double the level it was at before March 2020. 

The Fed has been actively shrinking its holdings since last summer — allowing assets to expire without replacing them — as means for tightening monetary policy. Those efforts were disrupted, temporarily, amid a surge in emergency borrowing from the Fed in March after the failures of Silicon Valley Bank and Signature Bank, but they now appear to be on track.

Previously, Waller has said the Fed could stand to reduce its assets by $2 trillion without disrupting the banking system, noting that the Fed’s overnight reverse repurchase program has loaned out more than $2 trillion of securities nightly since last spring. The fact that those funds are ending up in the facility, he said, is proof that banks do not need them.

Along with reserves, currency and the overnight repo facility, the Fed’s liabilities include the Treasury’s general account — which is being drained to pay down debts amid the ongoing debt-ceiling debate — and a repo facility for other central banks. Assets include Treasuries, mortgage-backed securities and lending and credit facilities.

How much the balance sheet could – or should — shrink beyond $2 trillion remains an open question, Waller said. Ultimately, the Fed’s main concern is maintaining an “ample supply” of reserves, or cash available to banks, in the system because when reserves become scarce, banks compete for them and drive up prices, thus disrupting the Fed’s ability to set borrowing costs.

Waller said the Fed’s balance sheet is currently about 30% of gross domestic product, up from the mid-teens rate seen before the pandemic and about 7% before the subprime mortgage crisis. But, he said, there is no consensus view about what the appropriate ratio of balance sheet-to-GDP is.

“There is no economic theory that tells you how large a central bank’s balance sheet should be, there’s no theory about it at all,” he said during the event. “We’ve got some central banks — Switzerland — their central bank balance sheet is 100% or more of GDP.”

Waller noted that along with the winddown of the balance sheet, which is seeing about $95 billion of assets roll off each month, the Fed is considering some other changes to the composition of its balance sheet moving forward.

He said the Fed is looking to shift to shorter-dated securities, abandoning a post-2008 policy change toward long-dated assets made to drive down long-term interest rates. While that strategy was effective, Waller said, the end result was the Fed having to hold onto assets for longer than it had historically. 

“The problem with long-duration assets is they’re long duration, once they’re on your balance sheet, you’ve got them for a long time,” he said. “Over time, we’re going to try to bring that maturity structure back down.”

He also noted that he’d like to see the Fed move away from purchasing mortgage-backed securities entirely because of their 30-year maturity.

“I don’t really like that we have that asset, it’s a little too much concern for me,” he said. “But, hopefully, we, at some point, can kind of run those off and never get into the business of buying mortgage-backed securities again.”

Source: nationalmortgagenews.com

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Several market experts discussed these topics during the Mortgage Bankers Association (MBA) Secondary and Capital Markets Conference and Expo 2023 in New York.  

The buyers’ side 

Steven Abrahams, a senior managing director at Amherst Pierpont Securities, a broker-dealer owned by Santander, said that before the Global Financial Crisis, the market was dominated by investment portfolios looking for the risk and return of MBS assets. 

However, after the crisis, the Fed entered the MBS market, and new regulations encouraged banks to hold quality liquid assets, including MBS. 

“What we’re looking at now is the initial phase of exit of those two policy investors and the return of the market to marginal pricing by portfolios that are in the game basically to make money,” Abrahams explained. “That’s the easiest way to think about why spreads have widened the way they have.”  

Byron Boston, CEO and co-chief investment officer at Dynex Capital, Inc., said that “levered returns are very attractive today” and there’s a “huge demand for income,” which will keep MBS attractive to money managers.  

“A 30-year fixed rate mortgage is an unusual beast,” Boston said. “But because our government is involved with it, all of us as American citizens have the pleasure of having it.” 

The sellers’ side 

As affordability is still an issue, originations will decline and affect the supply of MBS, panelists said. The MBA estimates that volumes will decline from the $4 trillion level in 2020 and 2021 to less than $1.8 trillion this year. 

According to Jeana Curro, head of agency MBS research at Bank of America, mortgage rates are still very high and people that have walked into very low mortgage rates during the pandemic “are kind of stuck in their homes.”

“We’re forecasting about $268 billion a year in [MBS] net issuance. Last year, it was about $535 billion,” Curro said.  

The secondary market experts have not seen any disruptions caused by the sale of MBS securities once held by banks that collapsed. 

The Federal Deposit Insurance Corporation (FDIC) decided in early April to sell the $114 billion in MBS it retained after seizing control of failed regional banks Signature Bank and Silicon Valley Bank (SVB). BlackRock Financial Market Advisory has led the sales process. 

Curro said that BlackRock has been smart in its executing a strategy that keep the size of offerings low and consistent while also actively communicating with the market.  

“The bigger disruption that you want to be concerned about, beyond the mortgage market, is that we’re doing this within a global system that has an enormous amount of risk attached to it,” Boston said. “If you have another risk event that takes place on top of this – while we’re trying to clear the market of the banking problem – now we have a bigger issue.” 

Boston added: “These are really good assets. It’s just a matter of what price ultimately will come about.” 

Regarding the Fed’s MBS portfolio, Curro said that “We think what’s more likely to happen, and this is the Bank of America economist’s view, is that by the end of the first quarter of 2024, QT [quantitative tightening] is going to end and at that point, what they’re likely to do is take the mortgage pay downs and reinvest them into Treasuries.” 

Source: housingwire.com

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Senior businessman with piggy bank
Helder Almeida / Shutterstock.com

Editor’s Note: This story was written by Lauren Toms from partner site MoneyCrashers.

If you’ve been following the news this year, you might have heard about bank runs: Silicon Valley Bank, Signature Bank and First Republic in the U.S. and Credit Suisse internationally. And it’s understandable if you’re spooked.

A bank run happens when many — if not most — of a bank’s customers try to withdraw their money all at once, either because they’re worried the bank might go out of business or they’ve heard rumors about the bank’s financial health. Bank runs can be very stressful for both the bank and its customers and can have big effects on the economy as a whole.

Fortunately, there are things you can do to protect your money now so a bank run doesn’t ruin your day or your net worth.

Keep your money in a federally insured bank

FDIC
Mark Van Scyoc / Shutterstock.com

One of the best ways to protect your money during uncertain times is to keep it in a federally insured bank. That means your deposits are insured up to $250,000 per depositor by the Federal Deposit Insurance Corporation (aka FDIC) or National Credit Union Administration (for credit unions).

If the bank fails, you won’t lose your money so long as you don’t have more than the insured amount in all your accounts with that bank.

To find out if your bank is federally insured, you can look for the FDIC or NCUA sign at your bank or credit union or ask a representative. You can also check the FDIC’s online database, BankFind, to verify if your bank is insured.

Don’t make assumptions. Some banks are uninsured, so it’s important to do your research and ensure your money is protected. Some banks or credit unions may also have private insurance. But it’s not backed by the U.S. government and is subject to the rules of the bank’s underwriter.

In addition to providing insurance for your deposits, using a federally insured bank also comes with other benefits. For example, federally insured banks must comply with certain regulations that protect consumers and promote stability in the financial system. Theoretically, that means that your money is more secure and less likely to be at risk in the event of a bank failure.

Diversify your wealth

Syda Productions / Shutterstock.com

Diversifying across different banks and credit unions is an important step to protect your money during uncertain times. That means spreading your money across different FDIC- and NCUA-insured institutions, with no more than $250,000 in each account.

That serves two purposes. One, the more banks you have, the more likely you are to have at least one unaffected by bank runs. They tend to spread, meaning that if one bank starts to fail people start worrying about others, which results in a run on others.

Two, it ensures that if the worst does happen and the bank becomes insolvent, you have a better shot of having at least one bank remain unscathed — meaning you still have money in at least one account to keep paying bills and living life.

And diversification doesn’t just apply to the rich and powerful. Even if you only have a few thousand dollars in the bank, keep it in at least two different institutions. Otherwise, you could temporarily lose access to all your cash between the moment the bank stops processing withdrawals and the moment the FDIC steps in — which can take a few days.

For example, maybe keep half in a longstanding bank like Chase and the other in a neobank like Chime (which importantly has no connection to Chase). By diversifying across different banks, you reduce the risk of losing access to all your money at once.

Stay informed and be prepared

Senior using a laptop
Prostock-studio / Shutterstock.com

Staying informed about your bank’s financial health is a key part of protecting your money during uncertain times. Regularly check your bank’s financial statements and reports, which are usually available online or in-branch. These reports can give you insight into your bank’s financial performance and stability.

Another way to stay informed is to pay attention to the news and any announcements your bank makes. That can help you stay up to date on any changes or developments that may affect your bank’s stability. But if you hear any rumors or concerns about your bank’s financial health, it’s important to verify them before taking any action.

In addition to staying informed, it’s important to be prepared in case of a bank run. That means creating a plan to protect your money and ensure you have access to funds when you need them.

One way to do that is to keep a small amount of emergency cash on hand at all times. How much you keep depends on what you think you might need, how big an emergency you’re planning for, and whether you have a safe place to keep it.

Some people, especially those with several banks, may just want a few hundred dollars on hand in case there’s an immediate issue. Others may want an entire month’s worth of money in case the worst happens.

But neither of those is a good idea if you don’t have a safe place to store it. Technically, you could use a safe deposit box. But bank branches might close if the bank goes under, severing your access to those funds.

In lieu of that, think of a safe place in your home where you can keep it away from the prying eyes of houseguests and burglars alike. Ideally, it would be inside a fireproof, waterproof safe in case of natural disaster.

Keep calm and don’t panic

Calm man at home on his laptop
fizkes / Shutterstock.com

During a bank run, it’s natural to feel scared and uncertain. However, panicking can actually make the situation worse and put you at greater financial risk.

One danger of panicking is that you may withdraw too much money too quickly, leaving you without enough funds to cover your expenses and causing any automatic payments to bounce. Additionally, withdrawing large amounts of money can contribute to the bank’s instability and potentially make the situation worse for everyone involved.

To stay calm and make rational decisions during uncertain times, go back to your plan — and maybe even have a backup plan in case it’s worse than you thought or happens faster than you predicted.

One way to stay calm is to focus on the things you can control, such as your own finances and your own actions. That means avoiding rumors and speculation, and instead relying on verifiable facts and information.

Another way to stay calm is to remember the importance of having a long-term financial plan. By focusing on your goals and priorities, you can avoid making hasty decisions.

Final word

Silicon Valley Bank
Mallika Mitra / Shutterstock.com

Bank runs can be a scary and uncertain time for both banks and their customers. However, by taking proactive steps to protect your money, you can minimize your risk and safeguard your finances.

By taking action now, you can protect yourself and ensure you have access to funds when you need them. Remember, it’s always better to be safe than sorry when it comes to your money.

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Source: moneytalksnews.com

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If you’re as determined as we are to avoid reading any more than you need to about the debt ceiling, then the Fed is pretty much the only game in town for rate watchers this week.  S&P PMI on Tuesday and PCE prices on Friday are the week’s only two potential market movers on the scheduled data front. 

Other than that, we’re at the mercy of Fed speakers and perhaps to Wednesday’s Fed minutes to help the market refine its understanding of how firmly the Fed is prepared to stick to notion of remaining at a terminal rate through 2023 and well into 2024 (or possibly even hiking again in June).

There’s still quite a ways to go before getting back to Fed Funds Rate expectations seen just before the Silicon Valley Bank failure.  The follow chart shows the implied yield for the December Fed meeting, per Fed Funds Futures.

20230522 open.gif

The week begins on a data-free note today, but we already have several Fed speakers out with hawkish comments, keeping the upward pressure on rates across the board. 

Source: mortgagenewsdaily.com

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What is Zelle?

Since its inception in June 2017, Zelle’s instant payment service has exploded in popularity. It has established itself as one of the most widely used methods of money transfer in the United States.

Zelle, a digital payment network, is housed under the umbrella of Early Warning Services, LLC (EWS). EWS is a private financial services company jointly owned by some of the largest names in banking. These include Bank of America, Capital One, JPMorgan Chase, PNC Bank, Truist, U.S. Bank, and Wells Fargo.

How does Zelle work?

Zelle users can quickly send money to other registered Zelle users for free. Anyone can download the Zelle app. However, if your bank or credit union partners with Zelle, you can enroll through your bank’s mobile banking app or website.

To send money via Zelle, all you need is the recipient’s phone number or email address. Once you’ve confirmed the payment, they will receive a text message or email with a link to accept it.

There are currently more than 1,190 banks that use Zelle in the U.S. Below is the full list.

Full Listing of Banks That Use Zelle (A-Z)

Banks Starting With # or A

  • 1st Bank of Sea Isle City
  • 1st Century Bank
  • 1st Colonial Community Bank
  • 1st National Bank
  • 1st Source Bank
  • 1st State Bank
  • 1st Trust Bank
  • Abington Bank
  • Academy Bank
  • ACCESSbank Omaha
  • ACNB Bank
  • Adirondack Bank
  • Advancial
  • Albany Bank & Trust
  • Alden State Bank
  • ALEC
  • Algonquin State Bank
  • Alliance Bank
  • Allied First Bank
  • Ally Bank
  • Alma Bank
  • Alpine Bank
  • Altamaha Bank and Trust
  • Amalgamated Bank of Chicago
  • Amalgamated Bank (NY)
  • Amarillo National Bank
  • Ambler Savings Bank
  • Amegy Bank
  • Amerant Bank
  • American Bank
  • American Bank and Trust
  • American Bank of Missouri
  • American Bank, N.A.
  • American Commercial Bank Trust
  • American Community Bank NY
  • American Community Bank Trust
  • American First National Bank
  • American Investors Bank
  • American National Bank & Trust
  • American National Bank of MN
  • American National Bank of TX
  • American Savings Bank
  • American State Bank and Trust
  • Ameris Bank
  • AMG National Trust Bank
  • Anchor Bank
  • Anderson Brothers Bank
  • Andrew Johnson Bank
  • Anstaff Bank
  • Apple Creek Banking Company
  • Arbor Bank
  • Arizona Bank & Trust
  • Armed Forces Bank
  • Armstrong Bank
  • Arthur State Bank
  • Arvest Bank
  • Aspire Banking
  • Associated Bank N.A.
  • Astra Bank
  • Atlantic Capital Bank
  • Atlantic Union Bank

Banks Starting With B

Banks Starting With C

Banks Starting With D

  • DL Evans Bank Mobile
  • Dacotah Bank
  • Dairy State Bank
  • Dallas Capital Bank, NA
  • Dean Bank
  • Dedham Savings
  • Desjardins Bank N.A
  • Dewitt Savings Bank
  • Dime Community Bank
  • Discover Bank
  • Dogwood State Bank
  • Dollar Bank, FSB
  • Dominion Bank
  • Drake Bank
  • Dubuque Bank & Trust
  • DuGood
  • Dundee Bank

Banks Starting With E

  • Eagle Bank
  • East West Bank
  • Eastern Bank
  • Eastern Colorado Bank
  • Eastern Michigan Bank
  • Eclipse Bank
  • Edmonton State Bank
  • Elements Financial
  • Embassy Bank For Lehigh Valley
  • Embassy National Bank
  • Empire State Bank
  • Endeavor Bank
  • Englewood Bank & Trust
  • Enterprise Bank
  • Enterprise Bank & Trust
  • Enterprise Bank & Trust Co.
  • Enterprise Bank of SC
  • Envision Bank
  • Ephrata National Bank
  • Equitable Bank
  • Erie Bank
  • ESSA BANK & TRUST
  • Eureka Savings Bank
  • Exchange Bank
  • Exchange Bank (CA)
  • Exchange Bank of NE Missouri
  • Excite Mobile Banking

Banks Starting With F

Banks Starting With G

  • Gate City Bank
  • Gateway First Bank
  • Generations Bank
  • Genesis Bank
  • Geo D. Warthen Bank
  • Georgia Banking Company
  • Georgia Community Bank
  • German American Bank
  • Gibsland Bank & Trust
  • Glens Falls National Bank
  • Glenwood State Bank
  • Golden Valley Bank
  • Gorham Savings Bank
  • Grand Ridge National Bank
  • GrandSouth Bank
  • Grandview Bank
  • Great Plains National Bank
  • Great Plains State Bank
  • Greater Community Bank
  • GreenLeaf Bank
  • Greenville Savings Bank
  • Grove Bank
  • Grove Bank & Trust
  • Grundy Bank
  • GTE Financial
  • Guadalupe Bank
  • Guaranty Bank
  • Guaranty Bank – MS
  • Guaranty Bank & Trust
  • Guaranty Bank (SFC)
  • Guardians
  • Gulf Capital Bank
  • Guthrie County State Bank

Banks Starting With H

  • Habib American Bank
  • Haddon Savings Bank
  • Hanmi Bank
  • Hanover Bank
  • Happy State Bank
  • Harrison County Bank
  • Hawthorn Bank
  • Hearthside Bank
  • Heartland Bank (NE)
  • Hendricks County Bank
  • Heritage Bank (KY)
  • Heritage Bank MN
  • Heritage Bank of Commerce
  • Heritage Bank of Schaumburg
  • Heritage Community Bank
  • Heritage Community CreditUnion
  • Heritage Southeast Bank
  • Hickory Point Bank and Trust
  • Highland Bank
  • Hillcrest Bank
  • Hilltop Bank
  • Hinsdale Bank and Trust
  • Holcomb Bank
  • Home Bank
  • Home Federal Bank of TN
  • Home National Bank
  • Home Savings Bank
  • Home State Bank
  • Home State Bank, IL
  • Home Trust & Savings Bank
  • Home-Federal Bank
  • Homeland Community Bank
  • HomeStreet Bank
  • HomeTrust Bank
  • Horizon Bank
  • Hoyne Savings Bank
  • Huntingdon Valley Bank
  • Huntington Bank
  • Huntington FSB
  • Huron Community Bank
  • Hyperion Bank

Banks Starting With I

  • Idaho Trust Bank
  • iGObanking
  • Illiana Financial
  • Illinois Bank & Trust
  • InBank
  • IncredibleBank
  • Independence Bank – Montana
  • Independent Bank
  • Infinity Bank
  • INSOUTH Bank
  • Integrity Bank for Business VA
  • Interamerican Bank
  • International Finance Bank
  • Intracoastal Bank
  • INTRUST Bank
  • Investar Bank
  • Investors Bank
  • Iowa State Bank
  • Iowa Trust and Savings Bank
  • Ireland Bank
  • Iron Workers Bank
  • Iroquois Federal Savings
  • Isabella Bank
  • Israel Discount Bank of NY
  • Ixonia Bank

Banks Starting With J

  • JBT
  • JCBank
  • JD Bank
  • Jefferson Bank
  • Jersey Shore State Bank
  • John Marshall Bank
  • Johnson Financial
  • Jones Bank
  • Jonesburg State Bank

Banks Starting With K

  • Kalamazoo County State Bank
  • Karnes County National Bank
  • Katahdin Trust Company
  • Kearny Bank
  • KEB Hana Bank USA
  • Kennebunk Savings Bank
  • KeyBank
  • KeySavings Bank
  • KeysBank
  • Keystone Bank
  • Kingston National Bank

Banks Starting With L

  • Ladysmith Federal
  • Lafayette State Bank
  • Lake City Bank
  • Lake Forest Bank
  • Lake Shore Savings
  • Lakeland Bank
  • Lakeside Bank
  • Lakeside Bank Chicago
  • Lamar National Bank
  • Landmark National Bank
  • Laona State Bank
  • LCFB
  • Lea County State Bank
  • Lead Bank
  • Leader Bank
  • Ledyard National Bank
  • Lee Bank
  • Lee Bank Mobile Banking
  • Legacy National Bank
  • Legend Bank
  • Level One Bank
  • Lexicon Bank
  • Liberty Bank
  • Liberty Bank for Savings
  • Liberty Capital Bank
  • Liberty National Bank
  • Liberty National Bank (OH)
  • Liberty Savings Bank
  • Libertyville Bank
  • LifeStore Bank
  • Lisle Savings Bank
  • Llano National Bank
  • Logansport Savings Bank
  • Lone Star National Bank
  • Lone Star State Bank of WT
  • Longview Bank
  • Longview Bank & Trust
  • Louisiana National Bank
  • Lowry State Bank
  • Loyal Trust Bank
  • Lubbock National Bank
  • Lumbee Guaranty Bank
  • Luther Burbank Savings
  • Luzerne Bank
  • Lyons National Bank

Banks Starting With M

  • M AND P BANK
  • M C Bank
  • M&F Bank
  • M&M Bank
  • M&T Bank
  • M1 Bank
  • MA Bank
  • Mabrey Bank
  • Machias Savings Bank
  • Magnifi Financial
  • Magnolia State Bank
  • Magyar Bank
  • Main Street Bank
  • Malvern National Bank
  • Manasquan Bank
  • Maple Bank
  • Marblehead Bank
  • Marion Center Bank
  • Marquette Bank
  • Marquette Savings Bank
  • Mars Bank Mobile Banking
  • Marthas Vineyard Bank
  • Maspeth Federal Savings
  • MCBank
  • McClain Bank
  • McHenry Savings Bank
  • McIntosh County Bank
  • MCNB Banks
  • Meade County Bank
  • Meadows Bank
  • Mediapolis Savings Bank
  • MemoryBank
  • Mercer County State Bank
  • Merchants & Farmers Bank Green
  • Merchants Bank
  • Merchants Bank of Indiana
  • Merchants National Bank
  • Meredith Village Savings Bank
  • Meridian Trust
  • Merrimack County Savings Bank
  • Metairie Bank
  • Metro City Bank
  • Metropolitan Bank
  • Metropolitan Commercial Bank
  • Mi BANK
  • Mid America Bank
  • Mid America Bank – Kansas
  • Mid Penn Bank
  • Middlefield Bank
  • Middletown Valley Bank
  • MidFirst Bank
  • Midland States Bank
  • MidSouth Bank
  • MIDWEST BANK
  • Midwest Bank – Minnesota
  • Midwest BankCentre
  • Midwest Bk
  • Midwest Community Bank
  • Midwest Heritage
  • MidWestOne Bank
  • Milford Federal
  • Millennium Bank
  • Minnesota Bank & Trust
  • MINNSTAR BANK
  • Minster Bank
  • MNB Bank
  • Monifi
  • Monona Bank
  • Monson Savings Bank
  • Montecito Bank & Trust
  • Montgomery Bank Mobile Banking
  • Monticello Banking Company
  • Morgan Stanley
  • Mound City Bank
  • Mountain Valley Bank
  • Mountain View Bank of Commerce
  • MPH Bank

Banks Starting With N

  • Nano Banc
  • Natbank, N.A.
  • National Bank of Arizona
  • National Bank of Blacksburg
  • National Bank of Indianapolis
  • National Capital Bank
  • NBC Oklahoma
  • NBT Bank
  • Nebraska State Bank & Trust Co
  • NebraskaLand Bank
  • Needham Bank
  • Neighborhood National Bank
  • Nokoosa Port Edwards Bank
  • Nevada State Bank
  • New Frontier Bank
  • New Mexico Bank & Trust
  • New Millennium Bank
  • New York Community Bank
  • Newburyport Bank
  • Newtown Savings Bank
  • NexTier Bank
  • NGNB
  • Nicolet National Bank
  • Noah Bank
  • NobleBank & Trust
  • North Dallas Bank & Trust Co
  • North Shore Bank, FSB
  • North Star Bank
  • North State Bank
  • Northbrook Bank
  • Northeast Bank
  • NorthEast Community Bank
  • Northern Trust
  • Northfield Bank
  • NorthSide Community Bank
  • Northumberland National Bank
  • Northwest Bank
  • Northwest Bank & Trust Co
  • Northwest Bank (PA)
  • Northwestern Bank
  • Northwestern Bank (IA)
  • Norway Savings Bank

Banks Starting With O

  • Oak Bank
  • Oakwood Bank
  • Oakworth Capital Bank
  • OCEAN Bank
  • Ocean Financial
  • Oconee Federal
  • Ohio State Bank
  • Old Dominion National Bank
  • Old Missouri Bank
  • Old National Bank
  • Old Plank Trail Bank
  • Old Point National Bank
  • Old Second Bank
  • OMB
  • One Florida Bank
  • OneWest Bank
  • Open Bank
  • Opportunity Bank of Montana
  • Orange Bank & Trust Company
  • Origin Bank
  • Osgood State Bank
  • Ozarks Federal Savings & Loan

Banks Starting With P

  • Pacific Alliance Bank
  • Pacific City Bank
  • Pacific Premier Bank
  • Pacific West Bank
  • Park Bank
  • Park National Bank
  • Park Ridge Community Bank
  • Parkway Bank
  • Partners Bank
  • Pathfinder Bank
  • Patterson State Bank
  • PCB Bank
  • Peapack-Gladstone Bank
  • Pegasus Bank
  • Penn Community Bank
  • Peoples Bank
  • Peoples Bank & Trust Co
  • Peoples Bank (IN & IL)
  • Peoples Bank (TX)
  • Peoples Bank (WA)
  • Peoples Bank IA
  • Peoples Bank of Alabama
  • Peoples Bank of East Tennessee
  • Peoples Bank of Altenburg
  • Peoples Bank of Graceville
  • Peoples Bank of Kankakee City
  • Peoples Bank of Kentucky
  • Peoples Bank of Paris Texas
  • Peoples National Bank
  • Peoples State Bank (WI)
  • Peoples State Bank Plainview
  • Peoples State Bank, Hville
  • Peoples Trust Company
  • PeoplesBank
  • Persons Banking Company
  • Peru Federal Savings Bank
  • Peshtigo National Bank
  • Philo Exchange Bank
  • Phoenixville Federal B&T
  • Piedmont Federal Savings Bank
  • Pinnacle Bank
  • Pinnacle Bank (CA)
  • Pinnacle Bank (GA)
  • Pinnacle Bank Texas
  • Pinnacle Bank Wyoming
  • Pinnacle Financial Partners
  • Pioneer Bank
  • Pioneer Bank (VA)
  • Pioneer Bank MN
  • Piscataqua Savings Bank
  • Pittsfield Cooperative Bank
  • PlainsCapital Bank
  • Planters Bank Mobile Banking
  • Platte Valley Bank NE
  • Platte Valley Bank WY
  • Plus International Bank
  • PNC Bank
  • Poca Valley Bank
  • Points West Community Bank
  • Ponce Bank
  • Port Washington State Bank
  • Prairie Community Bank
  • Preferred Bank
  • Premier Bank of the South
  • Premier Valley Bank
  • PremierBank Wisconsin
  • Primebank
  • PrimeSouth Bank
  • Primis
  • Progressive Bank
  • PromiseOne Bank
  • Prospect Bank
  • Prosperity Bank
  • Provident Bank
  • Provident Bank (CA)
  • Prudential Bank
  • PyraMax Bank

Banks Starting With Q

  • Quad City Bank & Trust
  • Quail Creek Bank
  • Quaint Oak Bank
  • Queenstown Bank
  • Quontic Bank

Banks Starting With R

  • R.Bank
  • Red River Bank
  • Redstone Bank
  • Redwood Capital Bank
  • Regions Bank
  • Reliabank
  • Reliance Bank
  • Reliance Bank (PA)
  • Renasant Bank
  • Republic Bank
  • Republic Bank of Chicago
  • Rhinebeck Bank
  • Richwood Bank
  • Riddell National Bank
  • Ridgewood Savings Bank
  • Rio Bank
  • Rising Bank
  • River Bank
  • River City Bank
  • River City Bank (KY)
  • Roanoke Rapids Savings Bank
  • Rochelle Bank
  • Rockland Savings Bank
  • Rockland Trust
  • Rockpoint Bank
  • Rocky Mountain Bank
  • Round Top State Bank
  • Royal Business Bank
  • RSI Bank

Banks Starting With S

  • S&T Bank
  • Sabine State Bank and Trust
  • Salem Five Cents Savings Bank
  • San Luis Valley Federal Bank
  • Sandhills Bank
  • Sandhills State Bank
  • Sandy Spring Bank
  • Sanibel Captiva Community Bank
  • Santa Cruz County Bank
  • Santander Bank
  • Saratoga National
  • Savings Bank of Walpole
  • Sawyer Savings Bank
  • Schaumburg Bank
  • Schuyler Savings Bank
  • Scottsdale Community Bank
  • Seacoast Bank
  • SECURITY BANK (OK)
  • Security Bank Laurel NE
  • Security Federal Bank
  • Security First Bank
  • Security National Bank IA
  • Security National Bank of SD
  • Security Savings Bank
  • Security State Bank – Wyoming
  • Seneca Savings
  • Settlers Bank
  • SFC Bank
  • Shore United Bank
  • Silicon Valley Bank
  • Simmons Bank
  • Skyline National Bank
  • SmartBank
  • SNB Bank, N.A.
  • Solutions Bank
  • Somerset Savings
  • South GA Banking Co
  • South Shore Bank
  • South Story Bank & Trust
  • SOUTHERN BANK
  • Southern Bank and Trust Co
  • Southern First Bank
  • Southern Independent Bank
  • Southern Michigan Bank and Trust
  • SouthPoint Bank
  • Southside Bank
  • SouthStar Bank
  • SouthState
  • Southwest Missouri Bank
  • Southwestern National Bank
  • SpiritBank
  • Spratt Savings Bank
  • Spring Bank
  • Spring Bank Brookfield WI
  • Springs Valley Bank & Trust Co
  • SSB Kenyon
  • St. Ansgar State Bank
  • St. Charles Bank
  • Starion Bank
  • State Bank Financial
  • State Bank of Cross Plains
  • State Bank of Southern Utah
  • State Bank of the Lakes
  • Stephenson National B&T
  • Stockman Bank of Montana
  • Suffolk Federal
  • Sullivan Bank
  • Summit Bank
  • Summit Community Bank
  • Sundance State Bank
  • Sunflower Bank, N.A.
  • Sunstate Bank
  • Surrey Bank
  • Susquehanna Community Bank
  • Susser Bank
  • Sutton Bank
  • Synovus Bank

Banks Starting With T

  • Tandem
  • TBK Bank, SSB
  • TC Federal Bank
  • TCBT
  • TD Bank N.A.
  • Terrabank
  • Territorial Savings Bank
  • Texas Bank and Trust Company
  • Texan Bank NA
  • Texas Capital Bank
  • Texas First Bank
  • Texas National Bank RGV
  • Texas National- Jacksonville
  • Texas Regional Bank
  • Texas Security Bank
  • The Andover Bank
  • The Bank
  • The Bank & Trust ssb
  • The Bank of Elk River
  • The Bank of Hemet
  • The Bank of Missouri
  • The Bank of New Glarus
  • The Bank of Princeton
  • The Bank of Southside VA
  • The Bank of Tampa
  • The Bank of Tescott
  • The Berkshire Bank
  • The Callaway Bank
  • The Citizens Bank
  • The Citizens Bank-Enterprise
  • The Citizens National bank KS
  • The Cornerstone Bank
  • The Dart Bank
  • The Dime Bank
  • The Farmers and Merchants Bank
  • The Farmers Bank
  • The Farmers Bank of Appomattox
  • The Federal Savings Bk
  • The Fidelity Bank (NC)
  • The First National Bank of LI
  • The Grant County Bank
  • The Gratz Bank FKA Linkbank
  • The Hamler State Bank
  • The Harbor Bank of Maryland
  • The Marblehead Bank
  • The Milford Bank
  • The MINT National Bank
  • The National Bank of Texas
  • The Neffs National Bank
  • The Peoples Bank
  • The Peoples Bank-Gambier OH
  • The Peoples State Bank
  • The Piedmont Bank
  • THE SAVINGS BANK
  • The State Bank
  • The State Bank Group
  • The Tri-County Bank
  • The Union Bank Co.
  • Think Bank
  • Third Coast Bank SSB
  • Thomaston Savings Bank
  • Thomasville National Bank
  • TIAA Bank
  • Timberline Bank
  • Touchstone Bank
  • Town and Country Bank
  • Town Bank
  • TowneBank
  • Tradition Capital Bank
  • Traditions Bank
  • Tri City National Bank
  • Troy Bank and Trust
  • Truist
  • Trustco Bank
  • TruStone Financial
  • TrustTexas Bank
  • Twin Valley Bank

Banks Starting With U

  • U.S. Century Bank
  • UBank
  • UBank TN
  • Ulster Savings Bank
  • Umpqua Bank
  • Unified Bank
  • Union Bank & Trust
  • Union Bank Monticello, AR
  • Union Bank
  • Union Savings Bank
  • Union State Bank
  • United Bank
  • United Bank & Trust
  • United Bank (AR)
  • United Bank of MI
  • United Business Bank
  • United Community Bank
  • United Community Bank, LA
  • United Cumberland Bank
  • United Security Bank
  • United Fidelity Bank
  • United Prairie Bank
  • United Southern Bank
  • Unity Bank
  • Unity Bank WI
  • Unity National Bank
  • Universal Bank
  • Universal City Studios
  • University Bank
  • Univest Bank and Trust Co.
  • URSB
  • U.S. Bank
  • US Metro Bank
  • USAA Federal Savings Bank

Banks Starting With V

  • Valley Bank
  • Valliance Bank
  • Varsity
  • Vectra Bank Colorado
  • Veritex Community Bank
  • Village Bank
  • Village Bank & Trust
  • Village Bank (VA)
  • Vinton County National Bank
  • Virginia National Bank
  • VisionBank

Banks Starting With W

  • WaFd Bank
  • Wallis Bank
  • Walpole Co-operative Bank
  • Washington Savings Bank
  • Washington Savings Bank Lowell
  • Waterford Bank, N.A.
  • Wauchula State Bank
  • Waumandee State Bank
  • Wayne Bank
  • Wayne Bank (PA & NY)
  • WCF Financial Bank
  • Webster Bank, former SNB sites
  • Wells Fargo Bank
  • WEOKIE
  • WesBanco Bank
  • West Alabama Bank
  • West Gate Bank
  • West Point Bank
  • West Shore Bank
  • West Texas National Bank
  • Western Bank
  • Western Commerce Bank
  • Western State Bank (KS)
  • Western States Bank
  • Westfield Bank
  • Westmoreland Federal Savings
  • WestStar Bank
  • Wheaton Bank
  • Willamette Valley Bank
  • Wilson Bank & Trust
  • William Penn Bank
  • Winchester Savings Bank
  • Windsor Federal Savings
  • Winnsboro State Bank (WSB)
  • Winter Hill Bank (WHB)
  • Winter Park National Bank
  • Wintrust Bank
  • Wisconsin Bank & Trust
  • Wood & Huston Bank
  • Woodford State Bank
  • Woodlands Bank
  • Woodlands National Bank
  • WoodTrust Bank
  • Woori America Bank
  • Wrentham Cooperative Bank
  • WSFS Bank
  • Wyoming Bank & Trust
  • Wyoming Community Bank

Banks Starting With Y

  • Yakima Federal Savings
  • Yampa Valley Bank

Banks Starting With Z

  • Zions Bank

Frequently Asked Questions

How do you receive money from Zelle?

If someone sends you money via Zelle, you’ll receive an email or text about their payment. Once you do, click on the link in the email or text. Then, download the Zelle app in the Apple App Store or Google Play if you haven’t already.

Click, “get started” and enter your email address or phone number, depending on how the funds were sent to you. Select “continue” and find your bank. As soon as you add your billing address on the next screen and click “continue,” you’ll be able to receive the transfer and any other transfers in the future.

What are the pros and cons of Zelle?

Just like any other digital payment provider, Zelle comes with pros and cons you should consider, including:

Pros

  • No fees to send or receive money
  • Available to customers at almost 10,000 U.S. banks and credit unions
  • Quick transfers, often within minutes
  • Chance to earn interest on money kept in checking and savings accounts connected to Zelle
  • Convenience of no contactless payments

Cons

  • Can’t cancel a payment after you send it if the recipient is already signed up with Zelle
  • Inability to link Zelle to a credit card
  • May require a smartphone
  • No chance to maintain a cash balance
  • Only for U.S. customers

Is there a fee for using Zelle?

Zelle doesn’t charge fees to send or receive money. But it’s a good idea to contact your bank or credit union to find out whether any additional fees may apply.

Is Zelle safe?

Since Zelle was created by banks and uses data encryption, it’s safe in most cases, especially when you compare it to alternative options like Venmo and Cash App. Despite this, Zelle doesn’t offer fraud protection for authorized payments.

This means if you use Zelle to make an online purchase, there’s not much you can do if you never receive the item. To avoid all safety concerns, only use Zelle to pay people you know and trust.

What’s the difference between Zelle, PayPal, and Venmo?

PayPal and Venmo are digital payment providers, which are similar to Zelle. However, unlike Zelle and Venmo, PayPal allows you to send and receive payments internationally. Many online retailers use PayPal as well.

Venmo is unique in that it’s a combination of a digital wallet and social media as you can comment with emojis when you send and receive payments. Zelle is not a digital wallet because you can only use it to transfer money from one account to another. While Zelle is generally free to use, PayPal and Venmo do charge fees in some situations.

Source: crediful.com